Guiding To How To Pay For The Purchase Houses Safely And Legally

Buying a home or piece of land is a very important issue for every Vietnamese person because it is a great asset that can take a lifetime to accumulate. When faced with the decision to buy a house, many people are often blind at the step payment to the seller.

In this article, Vietnam Real Estate shared with you how to make a safe and legal purchase of a home, avoiding fraudulent or dishonest fraud.

The first thing when you buy a house is to check the legality of the house to buy. Be careful to see if the house is in a planning area, whether it is in dispute, or if there are any legal issues (such as inherited property, co-ownership). ). To resolve this, you can check the housing planning information at the District Natural Resources and Environment office, and check the dispute at the Ward People’s Committee where you bought the house.

payment money buy house

Please note the legal status of the home you intend to buy

After checking the legality of the finished house, you will enter the bargaining phase. This step is also important, it will decide whether you buy a good price or not. We recommend asking your neighbors what the homeowner’s reasons for selling the home are. Once you understand the cause of the sale, you will have a lot of information to negotiate, even decide whether to buy the house or not.

>>> You can read more information at: 7 Questions To Help You Understand The Rules When Buying A House

After negotiating the price, if you and the seller are satisfied and agree on the price, you will be paid for the purchase. The payment will go through the following steps:

Step 1: Pay the deposit

Beginning with the payment step, you and the seller will deposit a deposit at the Notary Public or Commune People’s Committee to be stamped transaction confirmation. In case both parties feel confident each other can also proceed to pay a deposit with a handwritten receipt (Note: Legislation required handwritten deposit receipt is only valid when signed by a third person). As a result, having a third person or a safer person can ask the head of a street-dwelling group to testify on the receipt.

payment for house purchase

When making a tax return, the seller must pay personal income tax usually 2% of the total value of the property

A regular home deposit usually refers to 10% of the total value of the home, which is more than a 10% rebate. However, in practice, there are also cases where the stake is larger because the buyer determines this is a great opportunity to buy a bargain.

Step 2: Make payment when you sign a notary contract

This step is most important in the process of paying for a home purchase, usually the trades or mistakes or trapped by the opponent in this step. Vietnam Real Estate advice during this period is that we should not pay more than 95% of the total value of the home (including a 10% deposit), the reason is that after signing a notary contract the two parties will register Or tax declaration (Depending on localities, there are registered places such as Binh Tan, but usually before tax).

When declaring taxes, the seller must pay personal income tax usually 2% of the total value of the house (calculated according to the total price stated in the purchase contract, if the price on the purchase contract is lower than the price set by the state, Calculated according to state price bracket). The buyer must pay a registration fee of 0.5% of the total value of the house (calculated according to the set price bracket).

Therefore, to be safe we should pay at this stage not more than 95% to avoid the seller’s hands off the tax obligations and not support the buyer in the later stages.

payment for house purchase

Be very careful when paying for your home

Step 3: Pay after filing and registering housing

After completion of the tax obligations, the two sides to the District People’s Committee to conduct the registration of housing documents. After completing the paperwork, the receiving department will record the appointment slip for 45 days. After receiving the voucher, you can pay the rest to the buyer, as if the transaction is completed.

>>> See more: The Legal Notes To Know When Buying An Apartment

Above is the buying and selling process that We advise clients to follow to ensure the benefits of the transaction. In some cases the owner deliberately trapped, using sweet words to buy more payment than necessary, we should be careful.

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